What are the tax implications of investing in cryptocurrencies through Acorns?

1 answers

• Nov 28, 2021 · 3 years ago
  Investing in cryptocurrencies through Acorns can have tax implications that you should be aware of. The tax treatment of cryptocurrencies is determined by the IRS, and it is important to understand the rules and regulations. Cryptocurrencies are considered property, and any gains or losses from buying or selling them are subject to capital gains tax. If you hold your cryptocurrencies for less than a year before selling, the gains will be taxed as short-term capital gains. If you hold them for more than a year, the gains will be taxed as long-term capital gains. It's important to keep track of your transactions and report them accurately on your tax return. If you have any specific questions about the tax implications of investing in cryptocurrencies through Acorns, it's best to consult with a tax professional who is familiar with the latest regulations and can provide personalized advice.
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